After the metaverse, Mark Zuckerberg invests tens of billions of dollars in “superintelligence” thanks to his dazzling results.
Meta’s AI Investments Soar as Profits Surge
Wall Street’s assessment on Wednesday, July 30th, was that Meta is generating enough staggering profits to invest massively in artificial intelligence (AI). This came after the presentation of the quarterly results of the firm that owns Facebook, Instagram, and WhatsApp. The stock soared by more than 11% in informal trading after the close, reaching $780. The company was worth nine times less on the stock market in the fall of 2022, when its founder, Mark Zuckerberg, was pouring billions of dollars into the metaverse, the three-dimensional virtual future that remained very virtual, and Instagram was being outpaced by the Chinese application TikTok.
All of that is now a distant memory, with a 22% increase in revenue in the second quarter compared to the previous year and a 36% increase in net profit. The figures are staggering, with a profit of $71.5 billion over the past twelve months – compared to $16 billion for TotalEnergies or $14 billion for LVMH – on revenue of $179 billion. This dynamic will allow the firm to invest nearly $70 billion in 2025, $30 billion more than the previous year.
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